Reply
Frequent Contributor
joestay
Posts: 374
Registered: ‎01-08-2010

FICO score went up after paying off auto loan

Okay.  So I recently paid off my auto loan.  My score from EQ went from 735 to 760.  That's a 25 point increase.  I was expecting a decrease because the number of account I have opened decreased.  My highest score so far.

Regular Contributor
geronimo2008
Posts: 183
Registered: ‎07-21-2007

Re: FICO score went up after paying off auto loan

Less debt perhaps?  fewer acounts with balances?  enjoy it that isa good score.

Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: FICO score went up after paying off auto loan

What changed on the list of negatives on screen two of your FICO reports? (The positives are entertaining, but it's the negatives that drive the scores.)

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Frequent Contributor
joestay
Posts: 374
Registered: ‎01-08-2010

Re: FICO score went up after paying off auto loan

It's the age of the account that is negative.  That's the only thing listed on the negative column.  It just says I have a short history.  Average age of account is about 2 and a half year.

Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: FICO score went up after paying off auto loan

 


joestay wrote:

It's the age of the account that is negative.  That's the only thing listed on the negative column.  It just says I have a short history.  Average age of account is about 2 and a half year.


But was the same thing listed on the earlier score, from when you still had an open loan? It's the change (if any) that's informative. Your earlier report will probably have two negatives listed.

 

 

btw, now that you've hit 760, it only displays one negative factor. It doesn't mean that you don't have a few more; it's just a quirk of myFICO, which displays fewer negatives the higher your score goes. It's mainly because at that point, any additional negatives don't carry much weight, but I think it's because their poor CSR's got tired of phone calls from irate 800+ customers who had negative factors displayed. :smileywink:

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+